The Federal Housing Administration (FHA) has published a new Single-Family Housing Policy Handbook that the agency says will “help mortgagees and other participants in FHA transactions expand access to mortgage credit and make it easier to do business with FHA.”

The agency began working on the handbook last year, with a goal to incorporate all FHA single-family policies and requirements into one authoritative source.

Of note to NAHB members, the handbook includes sections on appraisals and the 203(K) program, which permits home buyers and home owners to finance up to $35,000 into their mortgage to repair, improve, or upgrade their home.

According to the HUD site, home buyers and home owners can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or an FHA appraiser. Home owners can make property repairs, improvements, or prepare their home for sale. Home buyers can make their new home move-in ready by remodeling the kitchen, painting the interior or purchasing new carpet.

The policies in the handbook will become effective for FHA case numbers assigned on or after June 15, 2015.

FHA is working on a condominium section that will be released at a later date.

For more information, email Steve Linville at NAHB or call him at 800-368-5242 x8597.

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Comments (1)

Steve just a quick note, on the 203k loan there is no limit to the amount of repairs, only the maximum loan limit for the county of the home. FHA did change the name of the Streamline version (203kS) to the Limited 203k. I haven’t reviewed the new handbook in depth but that is one piece that I noticed.